Submission to the Commerce Select Committee on Insolvency Practitioners Bill

Chapman Tripp has made a submission on the Insolvency Practitioners Bill to the Commerce Select Committee, strongly supporting the proposed amendment to s280(1)(cb) of the Companies Act 1993. Section 280(1)(cb) currently requires a Court order before an expert insolvency practitioner with a continuing business relationship with a secured creditor of a company may act as a liquidator or administrator. We agree with the removal of this restriction, as it is an unnecessary expense that is ultimately borne by creditors.